Relating to interests in agricultural land acquired or held by foreign businesses, foreign governments, or nonresident aliens, or by agents, trustees, or fiduciaries thereof, by providing for registration and reporting requirements, providing for enforcement, and providing penalties

Similarly, the Code chapter describes an authorized representative as an agent, trustee, or fiduciary., limited liability company) if the majority interest is owned directly or indirectly by one or more nonresident aliens.8).4). Information in the registration or annual report is not a confidential record under Iowa’s open records law (Code chapter 22).12).11). BACKGROUND —— SUPERSEDING FILING REQUIREMENTS (CODE CHAPTER 10B).4).4A).5). BILL’S PROVISIONS —— REGISTRATION REQUIREMENT (CODE CHAPTERS 9I AND 10B).4A).7. The bill requires specific information to be included in the registration. A foreign person must provide its legal name, mailing address, and nationality. An authorized representative of a foreign person must state the representative’s legal name, street and mailing address, and nationality; and its authority to purchase the agricultural land and supervise any daily operations on the agricultural land. The foreign person must include a statement of the purpose of conducting a business in this state; a description of the purpose in the interest in the agricultural land; the legal name and mailing address of a parent corporation, or an intermediary or subsidiary of the parent corporation; and a listing of all other interests in agricultural land totaling more than 250 acres held in the United States by the foreign person, a parent of the foreign corporation, or intermediary or subsidiary of the parent. A foreign person currently owning agricultural land has 180 days after the bill’s enactment date to register. BILL’S PROVISIONS —— INQUIRY OR INVESTIGATION BY THE ATTORNEY GENERAL (CODE CHAPTERS 9I AND 10B).4). This includes the power to issue a subpoena for the production of records, and to seek compliance of the subpoena in district court. BILL’S PROVISIONS —— PENALTIES (CODE CHAPTER 9I). The bill changes the civil penalty imposed for failing to timely file a registration to an amount not more than percent of the county’s assessed value of the subject agricultural land for the previous year, and retains language referring to “each offense”. BILL’S PROVISIONS —— REPORTING REQUIREMENTS (CODE CHAPTERS 9I AND 10B).4A).8).4). Specifically, the biennial report must include any updates to the information stated in the registration.5A). The information is a confidential record. However, the bill creates an exception allowing access to the record by the attorney general for enforcement purposes, and the governor and general assembly for public policy purposes. BILL’S PROVISIONS —— PENALTIES (CODE CHAPTER 10B). The civil penalty for failing to timely file a biennial report or filing false information in such report is increased to an amount of not more than $10,000 for violations by a foreign person.6).